BUSINESS - Posted on: 3rd Sep. 2020 at 12:47PM
The Federal Government of Nigeria has announced a new depot price for Petrol with effect from 2nd of September 2020.

According to a memo sent by PPMC on behalf of NNPC, the petroleum product, known as PMS would now sell at N151.56 per litre.

The memo reads: “Please be informed that a new product price adjustment has been effected on our payment platform.

“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.

Recall that the Government earlier in the year had said the pump price of petrol would be determined monthly by market forces.
This means local pump price would be determined by the price of crude oil in the international market and landing cost for importation of the finished product.

The prices had decreased some months back due to reduction in crude oil price.
Nigerians are already reacting to this latest increase blaming the Buhari-led government for mismanagement of the economy which has allegedly been responsible for inflation of several commodities.

Posted by: Emdee David

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